Markets had another nice up day after relieving news about the European debt crisis and undetailed rumors about debt ceiling talks. A positive day for the indices, although Nasdaq and the Russell 2000-index are clearly lagging the Dow and S&P500. The latter two are now running into resistance, so some consolidation could follow.
Gold and silver pulled back while the euro went berserk on all the debt news, pulling the market up with it.
Trades
I got stopped out of PCLN (-2.35%) and AMZN (-1.9%) early on. And since they didn't rally with the market, I excited CHKP (+2.1% on first entry, -1.1% on the add) and GMCR (+2%). Back to 100% cash...
Noteworthy, MCP, REE and other rare earth metals rallied hard in the final hours of trading. It might be interesting to watch these closely the next couple of days.
Showing posts with label PCLN. Show all posts
Showing posts with label PCLN. Show all posts
Thursday, July 21, 2011
Wednesday 07/20: Consolidating
Most indices consolidated the gains from the previous day. Nasdaq gave back most, not surprising since it also ran up most lately. Today's action seems healthy for the bulls and we may see higher prices the next day(s).
Gold and silver recovered most of the losses from Tuesday and oil seems to be basing here (ready for a move up?). In the meantime, the euro is creeping higher, due to a lack of negative news about the European debt crisis, I guess.
Trades
Although the indices didn't pullback that much, some of my stocks did and I got stopped out of RAX (-2.3%), SOHU (-3.5%), VHC (-4.5%) and CRM (-3%). In hindsight, SOHU wasn't a good entry (too high above 13EMA, hugging the upper bollinger band), last Wednesday was the ideal entry. For RAX and VHC, they didn't rally with the other stocks/indices Tuesday afternoon, which wasn't a good sign. And CRM was ok, but it got rejected by the previous high.
So I didn't take advantage of the morning gap up, mostly since my gains were too small (<1R).
I'm still holding CHKP (took 1/4 of @59.72), GMCR (took 1/4 of @92.12) and AMZN.
New positions: PCLN long 535 and I added to CHKP per 59.94.
Gold and silver recovered most of the losses from Tuesday and oil seems to be basing here (ready for a move up?). In the meantime, the euro is creeping higher, due to a lack of negative news about the European debt crisis, I guess.
Trades
Although the indices didn't pullback that much, some of my stocks did and I got stopped out of RAX (-2.3%), SOHU (-3.5%), VHC (-4.5%) and CRM (-3%). In hindsight, SOHU wasn't a good entry (too high above 13EMA, hugging the upper bollinger band), last Wednesday was the ideal entry. For RAX and VHC, they didn't rally with the other stocks/indices Tuesday afternoon, which wasn't a good sign. And CRM was ok, but it got rejected by the previous high.
So I didn't take advantage of the morning gap up, mostly since my gains were too small (<1R).
I'm still holding CHKP (took 1/4 of @59.72), GMCR (took 1/4 of @92.12) and AMZN.
New positions: PCLN long 535 and I added to CHKP per 59.94.
Subscribe to:
Posts (Atom)